Allspring Global Investments Holdings LLC Has $6.31 Million Position in Corebridge Financial, Inc. (NYSE:CRBG)

Allspring Global Investments Holdings LLC increased its stake in shares of Corebridge Financial, Inc. (NYSE:CRBG) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 291,290 shares of the company’s stock after buying an additional 5,026 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Corebridge Financial were worth $6,309,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CRBG. Price T Rowe Associates Inc. MD grew its position in Corebridge Financial by 63.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,048,354 shares of the company’s stock worth $321,930,000 after buying an additional 6,216,666 shares in the last quarter. Norges Bank acquired a new stake in shares of Corebridge Financial in the 4th quarter valued at $115,410,000. Vanguard Group Inc. acquired a new stake in shares of Corebridge Financial in the 3rd quarter valued at $95,736,000. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Corebridge Financial by 960.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,417,518 shares of the company’s stock valued at $27,996,000 after purchasing an additional 1,283,901 shares in the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in shares of Corebridge Financial by 1,289.1% in the 1st quarter. Ensign Peak Advisors Inc now owns 1,364,258 shares of the company’s stock valued at $21,855,000 after purchasing an additional 1,266,046 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

CRBG stock opened at $26.54 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. The stock has a 50-day moving average price of $26.08 and a 200-day moving average price of $23.15. The firm has a market cap of $16.52 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 0.32 and a beta of 0.86. Corebridge Financial, Inc. has a 1-year low of $14.91 and a 1-year high of $29.40.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, February 15th. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.99 by $0.05. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.65 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $0.88 EPS. As a group, equities research analysts expect that Corebridge Financial, Inc. will post 4.84 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.23 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.47%. Corebridge Financial’s dividend payout ratio is presently 54.44%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Evercore ISI raised their target price on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Wells Fargo & Company raised their target price on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. The Goldman Sachs Group raised their target price on Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Piper Sandler increased their price target on Corebridge Financial from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Finally, UBS Group increased their price target on Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, January 10th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $29.08.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.